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Paul November 22, 2012 at 8:12 am

Don’t rely on the FDIC to keep your money safe. Dodd-Frank expanded the insurance coverage that FDIC must provide for certain accounts. So, the FDIC’s liability has increased, and the health of their member banks has worsened. Since member banks do not use accounting principles based on mark to market, their balance sheets are not a true reflection of their financial health. The bottom line is that the FDIC is obligated to provide more insurance coverage for risky banks, and they don’t have the funds to do this.

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MoneyNing November 22, 2012 at 9:45 am

Nothing is impossible of course, but saying FDIC won’t (or can’t) honor its insurance policy is spreading fear unnecessarily. The FDIC is funded by levying fees on its member banks, so even if it gets into trouble, there’s always the choice to increases membership fees.

Even if that isn’t done for whatever reason, there is almost no chance that the government is going to just let FDIC fail and decimate the image of a stable savings account system in the US.

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KOLAWOLE OSISANYA November 22, 2012 at 9:02 am

I want to open a bank account in the US to have a saving account tied to my current account that also issues an international debit card.

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